Looking to Sell?
I’LL HAVE A FULL-BLOWN SELLERS’ GUIDE UP HERE SOON, BUT FOR NOW THESE RESOURCES CAN HELP GET YOU READY FOR OUR LISTING CONSULTATION.
Is now a good time to sell?
Maybe. It depends on what you own, what you paid for it, how long you’ve owned it, where it’s located, your lifestyle, your plans, and your financial needs. A conversation with a financial advisor and a listing consultation with an agent will give you a better idea than headlines that declare this a buyers’ or sellers’ market. No one can time the market as the future is uncertain, and NYC is made up of hundred of micro-markets, each one entirely different. As a rule of thumb, I recommend aiming to hold a resale property 5-7 years or a new development 10-15, but we’re lucky in New York; market stagnation is less pronounced because people are ALWAYS looking to buy here. So if you need to sell for any reason, don’t let gossip or headlines scare you. Related posts:
What costs are associated with selling?
There are more expenses when selling than buying, the first being that you pay both agents’ commissions, 5-7% of the sale price. On top of that are state and city transfer taxes, other standard closing costs, plus (potentially) staging and painting/repairs to get the place ready for sale. But now that Compass Concierge will front the cost for most up-front expenses, this is all paid at closing, so you don’t need cash on-hand to start the sales process. Take a closer look at the finances of selling below. Related posts:
How do I get started?
The first step is a listing consultation, where you do a walk-through of your home with an agent and discuss expectations, the space, market data, recommendations, etc. Feel free to interview multiple people for the job, and choose someone you communicate well with and respect. Like buying, selling a home is complicated, involves a ton of moving parts, and requires a team of capable professionals. Find out more about the entire process at the links below. Related posts:
What if I just want to sell it myself?
Don’t. You will end up spending more than you save in time, energy, risk, and stress, while likely netting less on the sale than had you hired a good agent. This is something we do professionally day in and day out, while most owners only trade apartments once or twice per decade. You will be at a disadvantage when negotiating, are far more likely to lose a potential sale mid-transaction, and are limiting your buyer pool in a market where 80% of sales are co-brokes. When representing listings I take pricing, staging, photography, and marketing extremely seriously and do everything I can to sell for as much as possible as quickly as possible, while making it as painless as possible for the seller. Related posts:
All Posts about Selling:
Although the most important consideration before buying or selling is YOU, these quarterly reports can give you an idea of how the market is looking in a broad sense, before you and your agent dig into specifics.
In NYC Zillow goes by a different name: StreetEasy. StreetEasy originally started to make the rental process more transparent, but after being purchased by Zillow really went the opposite direction and began intentionally misleading consumers.
Once you accept an offer, a few steps that need to be completed by different people, which is why it is so, so important that you get a competent team together to help you with your transaction. It’s another reason why you may be able to do a For Sale By Owner in other parts of the US, but it’s not a good idea in the city.
Today, in the spirit of Earth Day, here’s a post about how being close to Manhattan’s biggest, greenest space increases your property value. Just another reason Donald Trump is bad both at real estate and at being president: if you hate the environment/nature so much why are so many of your buildings on the park?
This guest post was written by Suzie Wilson of Happier Home, who knows far more about this topic than I do, and I recommend you all check out her site. I thought it fit in well with seller’s month (because it’s about adding value to your home) and also Earth Day, because smarter homes are often more energy efficient homes.
Everyone handles multiple offers differently, and there are many schools of thought around it. Whether you’re on the buy side or the sell side, you definitely want to work with an agent who knows how to conduct him or herself throughout the process. While you may feel you are equipped to handle this on your own, I don’t agree.
Today on the docket: what does this commission pay for when I sell my place and hand over a hefty check? On the buy side you usually don’t end up paying anything, but as a seller you are paying both your agent and the buyer’s agent. But where does this money actually GO?
If you are planning to buy something where you will live for the rest of your life, forever and ever, you may not have to consider these factors. But the average buyer is looking to hold onto something for 5-10 years, and a good agent will give you advice on the buy-side to help find a place that is both a good fit now, and easy to sell in the future.
No, they aren’t adding a tax on your metrocard purchase. They are increasing the taxes involved in high-value real estate transactions and, allegedly, using the proceeds to fix my favorite broken train system. I’m always skeptical that money will go where it’s supposed to but if this does happen, it will make me feel a bit better about why the tax exists.
While everyone needs to speak to a financial advisor rather than seeking expertise from someone like me, I do my best to be informed about everything from types of trusts to the tax code to financing options. One thing that EVERYONE has been talking about this year is the newly imposed limit on SALT deductions.